June Revenue Collections Total $2.296 Billion
June collections exceed monthly benchmark by $120 million; full year collection exceeds FY12 revised estimate by $107 million and is $600 million more than a year ago
Revenue Commissioner Amy Pitter today announced that preliminary revenue collections for June 2012 were $2.296 billion, an increase of $144 million, or 6.7 percent from June 2011, $120 million above the monthly benchmark. Preliminary revenues for all of FY12 were $21.117 billion, an increase of $600 million or 2.9 percent from FY11 collections, $107 million more than forecast.
"The increase of $600 million in collections reflects a Massachusetts economy that has grown over the past 12 months,” Pitter said, as FY12 revenue collections saw across the board increases in withholding, sales and use, and corporate and business taxes. In the case of sales and use tax and corporate and business tax collections, the performance was above benchmark, while in the case of income tax collections, it was below benchmark.
Income tax collections for June were $1.237 billion, up $120 million or 10.7 percent from a year ago, $96 million above benchmark. Income tax estimated payments of $395 million were down $4 million or 1.0 percent from a year ago, $1 million below benchmark. Withholding tax collections of $834 million were up $88 million or 11.8 percent above a year ago, $64 million above benchmark. Some withholding that was forecast to be paid in July -- perhaps $30 million to $45 million -- appears to have been paid in June.
June sales and use tax collections of $441 million were up $18 million or 4.3 percent from June 2011, $6 million above benchmark.
June corporate and business tax collections of $435 million were down $2 million or 0.4 percent from a year ago and were $3 million below the monthly benchmark.
For FY12 as a whole, personal income tax collection totaled $11.914 billion, an increase of $338 million or 2.9 percent, $189 million below benchmark. Withholding grew $331 million or 3.5 percent, but was $98 million below benchmark, while income tax estimated payments of $1.833 billion (which include revenue from capital gains, dividends and interest, and unincorporated business income) were down $24 million or 1.3 percent and $75 million below benchmark. Refunds of $1.395 billion were down $9 million or 0.7 percent, and were $26 million below benchmark. Income tax payments with returns and bills of $1.710 billion grew $17 million or 1.0 percent, $46 million below benchmark.
FY12 sales tax receipts totaled $5.059 billion, up $155 million, or 3.2 percent, $64 million over benchmark. Regular sales tax totaled $3.544 billion, up $68 million, or 2.0 percent, $31 million over benchmark; meals tax totaled $869 million, up $56 million, or 6.8 percent, $25 million over benchmark; and motor vehicle sales tax totaled $646 million, up $31 million, or 5.0 percent, $8 million over benchmark.
FY12 full year corporate and business tax collections totaled $2.320 billion, up $92 million, or 4.1 percent, $146 million over benchmark.